The Colombo stock market turned bearish due to profit taking amidst low turnover.

Both indices declined by 0.3% and turnover was Rs. 1.35 billion involving 61 million shares. The dip proved that Monday’s gain was short-lived.

Asia Securities said the indices ended lower in a range-bound session while retail and HNI activity remained at moderate levels. Active counters JKH (-2.6%), CFVF (-2.0%), CALT (-4.2%), LOLC (-1.5%), HAYL (-1.2%), ACL (-1.2%) and CICX (-1.0%) recorded price losses during the session while LIOC (+1.3%), TAP (+8.6%), RHL (+2.2%), and COMB (+2.4%) ended in green. 

EXPO generated the highest turnover for the day (Rs. 189mn) followed by LIOC (Rs. 180 million), and BIL (Rs. 152 million). The breadth of the market closed negative with 67 stocks recording price gains and 112 closing in red.

Asia also said foreigners recorded a net inflow of Rs. 16 million. Net foreign buying topped in HBS at Rs. 8.5million while selling topped in EXPO at Rs. 1.7 million.

First Capital said the Bourse reversed to red as investors settled to book profits, on Capital Goods and treasury counters following the sizeable gains witnessed over the past week. 

Index displayed slight volatility during the session with ASPI sliding down to an intraday low of 8,816. Subsequently, index continued to show a recovery but failed to hold in the green as investors took profits on retail favourites to close the day at 8,832 losing 31 points. 

Market turnover declined by 17% relative to the previous session with low participation from investors as the holiday season approached. 

NDB Securities said high net worth and institutional investor participation was noted in Hatton National Bank. Mixed interest was observed in Expolanka Holdings, Lanka IOC and John Keells Holdings whilst retail interest was noted in Browns Investments, Ambeon Capital and First Capital Holdings. 

The Diversified Financials sector was the top contributor to the market turnover (due to First Capital Treasuries) whilst the sector index lost 1.03%. The share price of First Capital Treasuries recorded a loss of 10 cents to close at Rs. 27.80.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments) whilst the sector index decreased by 0.43%. 

The share price of Browns Investments closed flat at Rs. 8.10. Expolanka Holdings, Lanka IOC and John Keells Holdings were also included amongst the top turnover contributors. 

The share price of Expolanka Holdings increased by 50 cents to close at Rs. 206.75. The share price of Lanka IOC gained Rs. 3 (1.33%) to close at Rs. 228.25. The share price of John Keells Holdings declined by Rs. 3.75 (2.59%) to close at Rs. 141.

Separately, Commercial Development Company announced an interim cash dividend of Rs. 3 per share.

Mixed outcome at Treasury bond auctions